Goldi Solar, one of India’s largest solar module makers, has raised Rs 1,422 crore ($171 million) in growth capital led by electrical equipment major Havells India, the company said on Wednesday.
The funding round also drew investments from high-net-worth individuals and firms, including Ambit Global Private Client, Nikhil Kamath, founder of Zerodha, Shahi Exports, SRF Transnational Holdings, and NSFO Ventures.
The funds raised will support Goldi Solar’s manufacturing expansion and solar cell production in Gujarat.
The capital infusion, advised by SBI Capital Markets and Saraf and Partners, comes as Goldi ramps up its annual solar PV module capacity nearly five-fold to 14.7 gigawatts, and deepens its push into high-efficiency solar technologies, the company said.
The fundraising underscores growing investor interest in India’s clean energy transition landscape as the country is looking to double its annual non-fossil fuel power generation capacity to 500 GW.
India’s clean energy-related manufacturing is also ramping up as Prime Minister Narendra Modi’s government is looking to reduce dependence on China through “Make in India” initiatives.
Starting June 2026, India’s clean energy policy will require developers of government projects and tenders to use only locally-made modules and cells. Most Indian companies use cheaper Chinese solar cells.
Reuters
